Tesla Offers to Buy Musk-Controlled SolarCity for $2.86 Billion

June 21, 2016 9:45 PM

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Elon Musk is seeking to combine Tesla Motors Inc. with SolarCity Corp. in a $2.86 billion deal to pair his electric-car and rooftop-solar businesses.

Musk, the largest shareholder of both companies, said he and Antonio Gracias, who is also a member of both boards, will recuse themselves from voting on the takeover offer. The all-stock deal is worth $26.50 to $28.50 for each SolarCity share, Tesla said. That calculates to a premium of as much as 3...